Every real estate agent today should be evaluating their time, money, and leads. With the housing market in an adjustment phase, the number of home sales is in a decline. Which makes it the perfect time to step back and see what’s working for you.
Time – Where is it best spent? Calling leads? Listing appointments? Home showings?
Money – What’s your cost-per-lead? How much revenue are those leads bringing in?
Leads – Are you presenting them with the best options? Are you caring for each individual lead? Are you calling old leads?
“People will always buy homes. In a market shift, the best agents will find those home buyers”
Matt Kuchar (Showami CEO)
Where are you spending your time?
Too many agents are wasting their time! Way too often agents end up spending their time on just one lead and not spending their time working on the next one as well. We spend our time watching someone else who is successful, tell us how to be successful… but we don’t make all the moves they suggest we make. We end up as “watchers” and not as “doers” when during a market adjustment, we really need to be focused on taking the time to do what our business needs to grow.
Now is the time to focus on Listing Appointments and Home Showings
It’s time to break out of the office and start booking listing appointments and home showings. Start posting on social media that you are available this Saturday for home showings, whether pre-approved or not. Show your audience that you are still active and that they can still buy a home today. The same goes for listing appointments, take the time to meet with potential sellers, reach out to expired leads, and tell the masses that now is still a good time to sell their home and that you are the agent who could bring them the most value.
Now is the time to focus on calling your leads
Now is the time to dig into your database of leads and begin making the calls. It’s equally important to reach out to your old clients now and see if they are currently looking to buy or sell their homes. Most importantly, now is the time to reach out to the leads you haven’t given your time and attention to. The leads that haven’t been given as much attention are now a goldmine of new opportunities and the time you have should be spent on helping them out.
Let’s Talk About Money
What Are You Spending Your Money On?
Let’s dig into the key things you should and shouldn’t be spending your money on. Because right now things are getting a little tight around the office and you won’t be looking to spend nearly as much as you did the last few years.
Spend money on lead generation
Now’s the time to dig into your finances and find where you are overspending on leads. Since real estate leads can take a while to convert, it is important to grab at least 6 months’ worth of data. It’s equally important that you go into the evaluation of your finances, with minimal emotions and feelings.
Evaluating Paid Leads
Begin by collecting 6 months worth of data, where did you run ads? where did you pay for direct leads? what sponsorships did you participate in?
It all comes down to calculating ROI or your lead revenue.
Calculating Marketing ROI
Calculating Lead Revenue
Organic Leads
Build A Reputation With ALL of Your Leads
Are You Giving All Of Your Attention, To All Of Your Leads?
Real estate leads are an absolute goldmine and should be treated as such. Have you been contacting your old leads that were cold a while back? Expired leads? Have you been asking your past clients for referrals?
Now is the time to treat each lead like it is a piece of gold and provide each of them with the best service you could offer. Sometimes that doesn’t lead to them purchasing a home, but rather refer them to a company like Divvy Homes where they rent to own the home and you make a commission on the deal. Another option is allowing them to rent a home, coach them on building wealth during that time, then 2 months before their lease it up, reach out. As an agent you also need to focus on providing them the best value, this may mean looking into different types of load structures and mortgage companies that are a little out of your network. It may also mean calling in some favors from the loan companies that you have a great relationship with, to see if they can lower the interest on a specific sale.
